ADMS 2610 Lecture Notes - Lecture 23: Fee Simple, Fide, Hire Purchase

• School: York University
• Department: Administrative Studies
• Course: ADMS 2610
• Professor: Alex Browning

Document Summary

If mortgagor defaults payment mortgagee take steps to terminate mortgagor rights in property: found (true form) in registry system, charge, secured claim (similar to mortgage) registered against real property under land. Titles system: does not transfer property to creditor, charges land with payment of debt. If full payment made, entitled to discharge: registry system particular instrument used acts as statutory re- conveyance of title, release all rights regarding title, interest by mortgagee, transfer to mortgagor. If not notify: mortgagor can raise action against assignor & assignee, sale of mortgaged property, mortgagor free to sell / dispose of equity of redemption in mortgaged land, unless mortgage provides otherwise, still liable even after sale. Default on installment plan : usually if breach by mortgagor / failure to pay principal, interest, usually legislation allows arrears payments or correct the breach, mo(cid:396)tgagee"s options, power of sale (sale of property, foreclosure. If mortgagor gathered funds and property not yet sold.